Proof of Funds

[VictorCA]

Hello,

I'm hoping to have all of my documents ready for my EE application by December (ECA and IELTS score). Looking ahead, if I am offered an ITA (God willing!), I see that something that one of the requirements for those of us applying under the FSW program is to have $12,000 in the bank. I have some of that in the bank, but what I was thinking about doing was to sell my car when I receive my ITA, which will get me over the $12,000. I have two questions for those of you who have gone through this process or who know more about it:

• How soon after receiving an ITA is one usually able to move to Canada? Is it smart of me to sell my car when I receive it, or does it take a while?
• What kind of proof is needed for this requirement? Is it just your latest account statement or do you need the last six months' statements or something like that?

I know I'm looking way ahead, but if it's something where you need to have the funds in your account for six months or so, I'll need to start planning for this ASAP. Any advise will be greatly appreciated.

Thanks in advance!

 

[Ufa6174]

You'd need to show 6 month bank statements (or a bank letter stating ur average monthly balance over the past six months). Your bank sccount more or less has to show that you on average at least maintain that amount. Selling your car is Ok though be prepared to provide appropriate documentation for source of funds when a large deposit shows up in your account.

It's up to you to decide whether selling your car now is a good idea, but you should know that most applications get processed between 3-5 months, with some of course reaching 6 months and in some instances beyond. Also keep in mind that ITA =/= PR, and even if you provide all the necessary documents, CIC are not obligated to offer PR. I'd seriously consider alternative ways to secure the additional funding you need (e.g. a gift from family).

 

[VictorCA]

Thank you, Ufa6174. That is very valuable information. I'll look into the alternative ways. I read in another post that real estate in my name counts towards the funds requirement, but I also read in one of the PNPs that it doesn't. Do you know what the guideline is for real estate?

 

[Ufa6174]

I'd seriously doubt it would. What CIC are interested in is unrestricted access to liquid assets (i.e. cash and cash equivalents), which you can use to support yourself when you move into Canada. Real estate is not liquid assets, therefore would unlikely be accepted.

 

[nokia3315]

Even though your 6 month balance is less than required but when the last available balance is 12000 CAD, u should be fine provided you give proof that sudden inflow of money in your account actually came from sale of your own car.

Can senior members correct me if am wrong in any part ?

 

[sunichak]

Can we directly download the 6 month statement from bank account online and attach it? OR should we have to get them attested by the bank authorities?

 

[Asivad Anac]

Can we directly download the 6 month statement from bank account online and attach it? OR should we have to get them attested by the bank authorities?

Someone was refused earlier for having submitted online statements that weren't stamped/sealed by their bank authorities. Recommend that you not take this risk.

All the best!

 

[Hemi427]

Hey asivad, during my pnp nomination i have shown a big transaction along with affidavit and now for ITA i have sufficient funds in my primary account and do not require this account funds...my question is do i still need to show this secondary account ( as i have already shown in ontario pnp)...

 

[Asivad Anac]

Hey asivad, during my pnp nomination i have shown a big transaction along with affidavit and now for ITA i have sufficient funds in my primary account and do not require this account funds...my question is do i still need to show this secondary account ( as i have already shown in ontario pnp)...

Not necessarily. You only need to showcase the account wherein you have sufficient funds towards POF.

 

[Hemi427]

Not necessarily. You only need to showcase the account wherein you have sufficient funds towards POF.

Thanks but wont they doubt that the secondary account was shown to ontario just to get the nomination?

 

[Asivad Anac]

Thanks but wont they doubt that the secondary account was shown to ontario just to get the nomination?

Doesn't matter. They only need confirmation that you have at least the required amount of funds (and that they aren't borrowed) in an account in your name. It is strictly irrelevant if you have more than that money across multiple accounts.

 

[Hemi427]

Thanks a ton...one more question, is PPF considered as pof? I have ppf account and the unencumbered are roughly 1/3rd of actual amount.

 

[Asivad Anac]

Thanks a ton...one more question, is PPF considered as pof? I have ppf account and the unencumbered are roughly 1/3rd of actual amount.

I'm not sure but rajkamalmohanram had once posted that NDVO replied positively on this subject.

 

[EST123]

Good Afternoon,

I am looking for some help regarding proof of funds evidence.

In my primary account I do not have anywhere near the sufficient funds, however I have evidence of ample funds in two investment accounts. I do not want to remove these funds from the accounts, so I am hoping that proof of the investments will be sufficient. Could anybody let me know if this is true?

Thanks,
EST123

 

[Asivad Anac]

Good Afternoon,

I am looking for some help regarding proof of funds evidence.

In my primary account I do not have anywhere near the sufficient funds, however I have evidence of ample funds in two investment accounts. I do not want to remove these funds from the accounts, so I am hoping that proof of the investments will be sufficient. Could anybody let me know if this is true?

Thanks,
EST123

Depends on what you mean by investment accounts. If these are funds in the bank locked up in a medium to long term deposits, those would work as POF.